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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
International Workplace Group
International Workplace Group (IWG) investor relations material
International Workplace Group Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary3 Nov, 2026
Executive summary
Q3 trading was ahead of consensus; momentum and year-end visibility were strong, with momentum carrying into 2027.
Network surpassed 5,000 centres; Q3 systemwide revenue reached $1.257bn, equivalent to an annualised run rate above $5bn.
Capital-light managed and franchised expansion, company-owned growth and cost efficiencies supported the outlook.
Financial highlights
Q3 Group revenue rose 9% to $1.028bn; nine-month revenue was $2.998bn, up 7%.
Q3 systemwide revenue grew 12% to $1.257bn; nine-month systemwide revenue was $3.657bn, up 11%.
Managed and franchised systemwide revenue increased 27% to $287m; company-owned revenue rose 8% to $969m.
Q3 managed and franchised fee revenue rose 28% to $45m; recurring management fees increased 72% to $19m. Nine-month fee revenue was $125m, up 47%.
Q3 growth came with no increase in the existing cost base; improved cost momentum and efficiencies supported cash generation.
Outlook and guidance
FY 2026 Adjusted EBITDA guidance is $585m–$625m, with results expected above $599m consensus; the guidance range has tightened.
Company-owned revenue growth guidance for 2026 is at least 4%; recurring managed fee revenue guidance is $80m, with the outcome potentially a few million either side.
FY 2027 EBITDA guidance is expected in Q1 2027 and is currently anticipated to be in line with consensus; medium-term Adjusted EBITDA guidance remains at least $1bn.
Up to 1,000 centre openings annually remain expected into 2027; opening guidance is unchanged, with quality prioritized.
Net debt is expected to remain around current levels through Q4; year-end net debt / Adjusted EBITDA is forecast at 1.4x–1.5x.
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Latest events from International Workplace Group
- 11% revenue growth, 84% fee surge, and $150m buyback highlight strong H1 2026.IWG
Q2 2026 - Revenue and network growth accelerate, with 2026 guidance and capital returns reaffirmed.IWGQ1 2026 TU
- Record EBITDA, revenue, and shareholder returns in 2025, with strong growth outlook for 2026.IWGQ4 2025
- 2026 EBITDA guidance set at $585m–$625m, with share buybacks extended and growth targets reiterated.IWGCMD 2025
- Q3 2025 revenue up 4% with strong network growth, surging fee income, and robust shareholder returns.IWGQ3 2025 TU
- Record revenue, margin expansion, and strong cash returns drive positive outlook.IWGH1 2025
- Record revenue, 13% EBITDA growth, net debt down, and dividend resumed in H1 2024.IWGH1 2024
- Strong Q3 revenue, margin gains, and reduced net debt support the unchanged $1bn EBITDA target.IWGTrading Update
- Record revenue, EBITDA, and resumed dividends drive strong outlook and shareholder returns.IWGH2 2024
Next International Workplace Group earnings date
Q4 20262 Mar, 2027
International Workplace Group
Next International Workplace Group earnings date
Q4 20262 Mar, 2027
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Frequently asked questions
International Workplace Group plc/IWG plc, provides workspace solutions to a broad range of organizations, including large enterprises and government institutions, in the United Kingdom and internationally. IWG plc operates through three segments: Chief Executive Officer's Office (CEO), Central Europe (CE), and All Other Segments. It also provides property maintenance services that include multi-let buildings management; compound management; portfolio asset management; office cleaning and supply; project management for both new build and fit-out projects; and refurbishment projects; as well as contractual works, such as commissioning, major repairs and maintenance, small project and electronic servicing.